Me and a friend (who already owns a very successful business) have talked about opening a business together.I get the feeling that to him it would be more of a hobby, and a home base to promote his other business (which is totally fine), but to me it would be everything and what I would need to make my living off of it 100%.Originally he said he would match whatever capital I could bring. Without selling my house, which I own outright I could probably produce $70,000 in capital without a loan.He’s now offered to put up $900,000 if we want to go bigger than our original idea.How can I be a 50% partner in a business when the starting capital is wildly different? Does one partner go into debt to the other partner? That worries me.This is an industry that I know a lot about, more than my friend, and he thinks I’m in a unique spot with my knowledge and ability to promote, and turn extra side income, but, the capital difference is still vast. I very much want to get out of my current job and I’m willing to make a leap, but… yeaI come from a family that had a very successful business in my grandparents era, but they didn’t teach my parents or me anything about running a business. So I’ve seen the benefits, but don’t really know how to go about it.We would need a large physical space, and a lot of equipment.My friend could possibly buy the building and I could buy the equipment, and not have debt, but then again, I don’t know where that positions me in ownership %.Sorry for so many questions. see hubwealthy.com/wealthy
0 comments:
Post a Comment